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On January 1, Innovative Solutions, Inc. issued $180,000 in bonds at face value. The bonds have a stated interest rate of 6 percent. The bonds
On January 1, Innovative Solutions, Inc. issued $180,000 in bonds at face value. The bonds have a stated interest rate of 6 percent. The bonds mature in 10 years and pay interest once per year on December 31. Required 1,2&3. Complete the required journal entries to record the bond issuance, interest payment on December 31, early retirement of the bonds. Assume the bonds were retired immediately after the first interest payment at a quoted price of 101. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account fiold.) View transaction list Journal entry worksheet Record the issuance of bonds of $180,000 at face value. Note: Enter debits before credits Date General Journal Debit Credit January 01 Record entry Clear entry View general journai Hints References eBook & Resources 1,2 & 3. Complete the required journal entries to record the bond issuance, interest payment on were retired immediately after December 31, early retirement of the bonds. Assume the bonds the first interest payment at a quoted price of 101. (If no entry Is. required for a transaction/event, select "No Journal Entry Requlred" in the first account fleld.) View transaction list Journal entry worksheet Record the retirement of the bonds at a quoted price of 101. Note: Enter debits before credits. Date General Journal December 31 Record entry Clear entry View general journal Hints References eBook & Resources
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